Taxation Laws Amendment Act (No. 3) 1999 (11 of 1999)

Schedule 1   Running balance accounts, general interest charge and related matters

Part 1   Amendments

Income Tax Assessment Act 1936

236   Subsection 221ZO(1)

Omit all the words after “Division from an amount”, substitute “withdrawn from a film account, the person is liable to pay to the Commissioner an amount, by way of penalty, equal to the amount that the person failed or refused to deduct.”.